The Foreign Investors Council (FIC) has released its highly anticipated White Book 2024, a comprehensive document offering strategic recommendations to enhance Serbia’s business environment, drive economic growth, and align the country with European Union standards.
Since 2003, this annual publication has served as a cornerstone for fostering open market policies and promoting Serbia’s economic integration with the EU.
A Vision for Progress
The launch event, held in Belgrade, was opened by FIC President Mike Michel and featured contributions from key figures, including the Chief Editor of the White Book, Professor Nebojša Savić, the EU Delegation Chief in Serbia, Emanuele Giaufret, and Serbia’s Prime Minister Miloš Vučević. Together, they highlighted the importance of improving Serbia’s business climate and accelerating reforms critical for EU accession.
The White Book offers detailed analyses and actionable recommendations across priority sectors, such as taxation, labor regulations, digitalization and e-commerce, real estate and construction, environmental protection, and the fight against the informal economy. It also includes insights on foreign exchange policies, tourism, hospitality, and the pharmaceutical industry.
Mixed Progress in Reforms
Accompanying the White Book, the FIC Index 2024 provides a unique methodology for assessing Serbia’s progress in implementing the council’s recommendations. Covering the period from November 2023 to October 2024, the index places the country’s business environment at a score of 1.30, reflecting slow but steady development.
Notable progress was observed in just 7% of the evaluated areas, with partial improvements in 16%. However, a staggering 73% of sectors showed no progress compared to the previous year. Energy emerged as a bright spot, with significant growth, while overall investment trends remained positive, underscoring Serbia’s stability in the eyes of foreign investors.
EU Membership: A Geopolitical Imperative
A central theme of the presentation was Serbia’s EU membership aspirations, which remain a strategic priority. Mike Michel emphasized the importance of adopting the European Commission’s Growth Plan for the Western Balkans, which promises economic benefits even before accession, fostering socio-economic convergence and reform.
EU Ambassador Emanuele Giaufret reinforced this urgency, framing EU enlargement as not merely a political goal but a geopolitical imperative. He urged Serbia to seize this pivotal moment to capitalize on the EU’s renewed focus on integration.
“Membership in the EU must be at the core of all our efforts in Serbia—by the government, the EU Delegation, civil society, and the business community. The Growth Plan for the Western Balkans offers an unparalleled opportunity for Serbia to enhance its economy, reduce the socio-economic gap with the EU, and accelerate its accession process,” said Giaufret.
The Path Ahead
Despite challenges, the FIC’s report highlights the enduring commitment of foreign investors to Serbia’s growth and its integration into the European framework. With 118 member companies spanning 23 sectors, the council continues to play a pivotal role in driving economic transformation. As the EU reaffirms its focus on the Western Balkans, Serbia stands at a crossroads, with a unique chance to shape its future and bridge the gap between ambition and achievement.
The White Book 2024 is more than just a report—it’s a call to action for Serbia to embrace reform, leverage international partnerships, and secure its place in a rapidly evolving geopolitical landscape.
